227,944 Shares in Forestar Group Inc $FOR Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 227,944 Forestar Group shares worth approximately $7.2 million, representing about 0.45% of the company. Institutional investors collectively own 35.5% of the stock.
• Analysts maintain a consensus “Hold” rating with a $32.67 price target, while Citizens JMP reiterated an “Outperform” rating and set a $35 target.
• Forestar shares opened at $27.60, up 1.5%, after the company reported quarterly EPS of $0.70 and revenue of $407 million—both below analyst expectations—though revenue increased 4.2% year over year.

Bank of New York Mellon Corp bought a new position in Forestar Group Inc (NYSE:FOR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 227,944 shares of the oil and gas exploration company's stock, valued at approximately $7,214,000. Bank of New York Mellon Corp owned about 0.45% of Forestar Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently made changes to their positions in the stock. AQR Capital Management LLC lifted its position in Forestar Group by 32.1% during the first quarter. AQR Capital Management LLC now owns 227,559 shares of the oil and gas exploration company's stock valued at $4,811,000 after buying an additional 55,266 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Forestar Group by 50.8% during the 1st quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company's stock valued at $10,342,000 after acquiring an additional 164,753 shares in the last quarter. NewEdge Advisors LLC boosted its position in Forestar Group by 63.7% during the 1st quarter. NewEdge Advisors LLC now owns 4,829 shares of the oil and gas exploration company's stock worth $102,000 after purchasing an additional 1,879 shares during the period. Jane Street Group LLC purchased a new stake in Forestar Group during the 1st quarter worth $850,000. Finally, Strs Ohio acquired a new stake in Forestar Group in the 1st quarter valued at $74,000. 35.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Citizens Jmp restated a "market outperform" rating and set a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Forestar Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $32.67.

Forestar Group Trading Up 1.5%

Shares of FOR opened at $27.60 on Friday. The company has a market capitalization of $1.41 billion, a P/E ratio of 8.29 and a beta of 1.41. Forestar Group Inc has a one year low of $22.81 and a one year high of $32.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a 50-day moving average price of $29.32 and a 200 day moving average price of $27.86.

Forestar Group (NYSE:FOR - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.81 by ($0.11). The company had revenue of $407.00 million for the quarter, compared to analyst estimates of $437.73 million. Forestar Group had a return on equity of 9.42% and a net margin of 9.88%.The firm's quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS.

Forestar Group Company Profile

Forestar Group Inc, headquartered in Austin, Texas, is a residential lot development and management company focused on delivering finished home sites to homebuilders across the United States. The company acquires, entitles and develops land for single-family and multi-family housing, managing zoning, infrastructure and environmental approvals to prepare lots for construction. Forestar's integrated approach to land development spans from initial site acquisition through final lot delivery, providing homebuilders with ready-to-build parcels in a variety of markets.

In addition to lot development, Forestar operates a retail homebuilding segment through joint ventures and strategic partnerships with national and regional homebuilders.

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